Bitcoin squeezed between $60,000: three hidden selling mechanisms pressure the market
The $60,000 level has turned into a real trap for Bitcoin. The asset is currently trading around $58,650, below all twelve key moving averages — each of which is signaling a sell. Since the beginning of the year, approximately $3.3 billion has been withdrawn from exchange-traded funds (ETFs). However, the picture is much more complex than it seems at first glance: three powerful selling mechanisms are operating beneath the surface, two of which are nearly invisible to traders who only follow the chart.
The Three Pillars of Price Pressure
The first mechanism is negative gamma in the options market. The bulk of Bitcoin options volume is concentrated on the Deribit exchange. Near the $60,000 strike, dealer gamma becomes negative. This means that market makers, who have sold a large volume of put options, are forced to hedge in the same direction the price is moving. As it falls, they sell even more, amplifying the downward momentum.
The second hidden factor is corporate treasuries. This refers to companies that actively bought Bitcoin during previous growth periods and hold it on their balance sheets. The problem is that they purchased BTC at higher prices and are now sitting on losing positions. If the decline deepens, some of these organizations may be forced to sell the asset to close or reduce their losses. This adds a third stream of supply to the market.
The third mechanism is a classic technical signal. The 200-day moving average, around $60,700, is now above the price rather than below it. For a year and a half, this level served as support that buyers defended, but it has now turned into a ceiling that sellers lean on. This arrangement of averages is a classic picture of a downtrend, in which Bitcoin has been since its peak of $126,000 on October 6, 2025.
All three forces strike the same narrow zone around $58,000–60,000 and trigger each other in a chain. First, outflows from ETFs push the price down. Then, the decline activates negative gamma on Deribit and forces dealers to sell in the wake of the drop. Finally, the drawdown pressures treasury companies, pushing them into forced sales. Each link amplifies the next, and the "loop tightens."
The Other Side of the Coin
However, this structure also has a flip side. Negative gamma works both ways: the same hedging that accelerates a crash becomes fuel during a rally. As soon as the price reclaims the level, those same dealers will be forced to buy in the wake of the strengthening.
On-chain data also provides reason for cautious optimism. The average holder is now near breakeven — a zone where past sell-offs have fizzled out rather than deepened. Network security, meanwhile, remains at record levels, even despite Bitcoin's price halving. The real picture is not a forecast of a drop to $45,000, but a "compressed spring."
My analysis: The current situation resembles a classic "trap" model, where three disparate mechanisms have synchronized in a single price zone. This creates extreme volatility: a breakdown could be fast and mechanical, but at the first serious bid to buy, the same mechanics sharply reverse. The move will be harsh on a breakdown and explosive if the level holds. In such a binary setup, it is difficult to remain calm, but it is precisely this that often precedes major reversals.